Financial Architecture and the Monetary Transmission Mechanism in Tanzania
AbstractIn the vast majority of low-income countries, financing and political constraints have traditionally impaired the usefulness of fiscal policy as a short-run stabilization device. Indeed, it is widely recognized that fiscal policy in such countries has very often tended to be pro-cyclical. While fiscal dominance has also impaired the effectiveness of monetary policy, this situation has been changing, as many low-income countries have increased the independence of their central banks. These newly-independent central banks have taken center stage in the conduct of short-run macroeconomic stabilization in such countries, not just because they are in a position to exploit the traditional flexibility advantage of monetary policy, but also because they tend to be the primary locus of macroeconomic expertise in low-income countries.�
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number WPS/2012-03.
Date of creation: 03 Feb 2012
Date of revision:
Other versions of this item:
- Peter Montiel & Christopher Adam & Wilfred Mbowe & Stephen O’Connell, 2012. "Financial Architecture and the Monetary Transmission Mechanism in Tanzania," CSAE Working Paper Series 2012-03, Centre for the Study of African Economies, University of Oxford.
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